HIUV(688680) 东吴证券·2025-04-23 05:23Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company's profitability in the film segment is under pressure in 2024, but the automotive materials segment is expected to gradually ramp up and become a new growth engine in 2025 [1][8] - The company reported a significant decline in revenue and net profit for 2024, with total revenue of 2.591 billion yuan, down 46.81% year-on-year, and a net loss of 558.44 million yuan, a 144.31% decrease year-on-year [1][8] - The company is expected to see a recovery in demand and profitability in the second quarter of 2025, driven by strong downstream demand for film products [8] Financial Performance Summary - For 2024, the company achieved total revenue of 2.591 billion yuan, with a year-on-year decline of 46.81% [1][9] - The net profit attributable to shareholders for 2024 was a loss of 558.44 million yuan, representing a year-on-year decrease of 144.31% [1][9] - The earnings per share (EPS) for 2024 is projected at -6.65 yuan, with a forecasted recovery to 0.54 yuan in 2026 and 1.66 yuan in 2027 [1][9] - The company anticipates a gradual recovery in film sales, with an estimated total shipment of approximately 4 billion square meters in 2025 [8] Business Outlook - The automotive dimming film segment is expected to contribute significantly to growth, with the company having established a dedicated automotive team and achieved technological breakthroughs [8] - The company plans to increase its production capacity and expand its customer base in the automotive materials sector, with initial deliveries expected in the second quarter of 2025 [8] - The company has also implemented cost-reduction measures, which may lead to a further decrease in production costs by 50% in the long term [8]